A short one (as usual) from the New York Supreme Court, Appellate Division.
The court's opinion in New Creek Bluebelt, Phase 4 v. City of New York, No. D42909 (Nov. 19, 2014) is so brief, you should just read it yourself. But here are the highlights:
- The city condemned a 19,500 square-foot vacant parcel on Staten Island.
- The property had been designated "wetlands" before the current owners acquired it.
- Applying a Penn Central analysis, the trial court determined, and the appellate division affirmed, that it was reasonably probable the wetlands designation was a regulatory taking.
- The regulations resulted in an 82% diminution of value.
- That's usually not enough, standing alone, but the regulations also were an "effective prohibition on development on any part of the property."
For more, see this post ("Appellate Division Affirms 75% Increment Applicable to Wetlands Taking") from our Owners' Counsel colleagues at Goldstein, Rikon, Rikon, and Houghton, for more. They represent the prevailing property owners.
New Creek Bluebelt, Phase 4 v. City of New York, No. D42904 (N.Y.A.D. Nov. 19, 2014)
